Life can be very uncertain. However, a few steps must be taken in order to build a safety net, in case something was to go wrong. In this case, you know that there is some amount of money, which you and your family can depend on.
One of the best options available is a life insurance plan. These plans require periodic payments of premiums, in exchange for life cover. On maturity of the policy, you can receive a payment in lump sum or in periodic instalments. In case something was to happen to you, the payments will be made to the family, in a bid to maintain financial stability.
However, a number of people find life insurance premiums a little heavy on the pocket. Keeping this in mind, companies offer group insurance plans. Under this scheme, a fixed amount is deducted from the employee’s salary and invested in an life insurance plan. Here premiums are low, in comparison with any individual policy. This kind of policy is valid until the employee agreement is violated.
A minimum of 25 members is required, in order to initiate the scheme. When employees are offered benefits, they feel taken care of. Their loyalty to the organization increases and they will stand by the company for a longer period of time. Additionally, they will put their best foot forward to make sure that the organization, as a whole, does well. This goes a long way to increase the productivity of the organization.
Thus, group insurance plans can be beneficial to both the company and its employees. It is affordable for both parties and gives the employees a sense of belonging. Although the cover offered is not a huge amount, it is a start and will be very beneficial in the long run.